Tag Archives: electronic trading

Bonds, AI, alternative data and the radio

The more things are changing, the more interesting it is to do research.  And thankfully change doesn’t seem to stop coming.  The last decade has seen the market structure geeks move their focus from swaps, to high frequency trading, to corporate bonds, to US Treasury bonds, to blockchain, to machine learning and, most recently, back… Read More »

US Treasuries are trading electronically, but we still need bond traders

I recently spoke with Bloomberg TV about a recent Greenwich Associates research report that examined the growth in electronic trading of US Treasuries by US investors. The US Treasury market is an obvious one for electronification – the products are standard, liquid and the number of market participants is large. But relationships still matter, and… Read More »

Changes in U.S. Corporate Bond Market: Evolution, not Revolution

I spent most of my summer digging through our 2014 North American fixed income data looking to see what’s changed in the past year and what’s the come. While the bulge bracket continues to dominate rates, mid-tier brokers are making some headway in credit helped by increased client adoption of electronic trading platforms.  But as… Read More »

Stock Market Keeps Its Faith in Humanity (WSJ)

The Wall Street Journal has a great featured piece today on the importance of the sales trader, which is something we at Greenwich have been out talking about quite a bit over the last few months.  The WSJ story features our latest equity research (although the direct quote was unfortunately cut by the editors – sorry… Read More »

US equity brokers made more money than last year – finally

We’ve just released the results of our benchmark US equities study, based on almost 600 interviews with US equity investors.  While Greenwich has been conducting this study for literally decades, this is my first market structure analysis of the data since joining the firm last summer.  The report includes the expected critical data points – total… Read More »

Setting FX Benchmarks with Observable Data – My Interview with CCTV America

For a market that is so electronic, using observable data to set benchmark rates shouldn’t be much of a stretch.  About two weeks ago I did a taped interview for Central China TV (CCTV)  America to discuss this an the electronification of FX more generally.  The interview includes my attempt at explaining electronic trading in… Read More »

Electronic trading of bonds is growing – sort of…

We all know that the massive reduction in dealer inventories and the cost of capital has had a huge negative impact on liquidity in the corporate bond market.  While the primary market has helped soften the blow, that crutch isn’t going to be here for long as rates start to rise over the next few… Read More »

Impartial Access: The CFTC Isn’t Messing Around This Time

The CFTC issued a slew of new guidance and rules last week, two of them particularly interesting and impactful.  First was the rule that requires clearinghouses to have credit facilities available to back up all margin posted in US Treasuries.  I (and pretty much every one else in the market) think this is ridiculous.  If… Read More »

Mandatory SEF Trading Does Not Equal Mandatory Electronic Trading

Forgive me if I’m stating the obvious for some of you, but I’ve had this conversation more than once and felt some clarity was in order here. As we work through the made available to trade (MAT) process, it’s important to reemphasize what actually will be required on mandatory SEF trading day 1. It all… Read More »